SSTI Digest

Geography: Arizona

MD, SC Boost Defense Industry Support in Budgets; TBED Proposals Released in AZ, MO

Many governors around the country have begun laying out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Arizona, Maryland, Missouri and South Carolina.

Intrastate Crowdfunding Moves Forward in Five States

Even after equity crowdfunding reached a milestone earlier this month with new Securities Exchange Commission proposed rule changes, state legislatures across the country continue to pass intrastate crowdfunding bills. In April, governors from Arizona (HB 2591) and Colorado (HB 1246) signed bills that will allow startups and other businesses in their respective states to raise capital via equity crowdfunding exemptions. Arizona and Colorado joined Massachusetts (Read more in the SSTI Digest) as states that have passed exemptions since the start of the year. The next state most likely to pass crowdfunding legislation is Minnesota – once they are able to finalize compromise between lawmakers and state regulators. In March, new legislation (HB 3429) was officially filed by Illinois State Rep. Carol Senate. The North Carolina state legislature once again is attempting to pass intrastate crowdfunding legislation. 

First Round of State Legislatures Approve FY16 Budgets for TBED Initiatives

Over the past few months, SSTI has followed proposals issued by governors in their budget requests, State of the State Addresses, Inaugural Speeches and other events. Now that many state legislatures have begun approving budgets, the Digest will check on the status of these proposals, and examine the state of technology-based economic development funding in the states. This week, we review budgets in Arizona, New Mexico, South Dakota, Utah, West Virginia and Wyoming

MA Adopts Crowdfunding Exemption; Is AZ Next?

Less than two months into 2015, Massachusetts and potentially Arizona will join the growing number of states that have adopted intrastate crowdfunding exemptions – one of the emerging trends in economic development from 2014.  In January, the Massachusetts Securities Division adopted a crowdfunding exemption that will allow businesses to raise up to $2 million in equity from both accredited and non-accredited investors.  A similar exemption was introduced in early February to both the Arizona state Senate and House with strong bipartisan support and the approval of several key business leaders and organizations. Minnesota (SF 138) and Colorado also have recently proposed or introduced intrastate crowdfunding legislation. However, both may face a difficult path to approval due to stronger opposition from key organizations and leaders within the state.

STEM Education, Skilled Workforce Programs Popular Among State Budget Proposals

This week, governor’s in eight states released their budget proposals. Balanced budgets and fiscal austerity were undoubtedly emphasized by the governors, yet funding for STEM education and workforce development initiatives were increasingly popular.

Tech Talkin’ Govs: Energy, Workforce Initiatives Prominently Featured in Gubernatorial Addresses

SSTI's Tech Talkin' Govs series has returned as governors across the country formally convene the 2015 legislative sessions. The series highlights new and expanded TBED proposals from governors' State of the State, Budget and Inaugural addresses.

Manufacturing Resurgence Attracts Attention of State Legislatures

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, research capacity, capital & tax credits, technology commercialization & infrastructure and  workforce & STEM.

Arizona Maps Out Strategy for Next Decade of Bioscience Growth

Arizona is in a better position to emerge as a global player in biosciences that it was a decade ago, according to a new roadmap from the Flinn Foundation. Building on an initial strategic document released in 2002, the updated strategy offers 77 potential actions the state could pursue to support bioscience entrepreneurship, research translation, talent development, institutional connectivity and collaborations. Risk capital plays a key role in the updated strategy, which challenges Arizona to attract an annual share of national venture capital investment equal to its share of population by 2025.

Award Winning TBED Groups Garner Praise, Support to Expand Reach

SSTI Excellence in TBED award winners produce real results that are changing the landscape of their communities, expanding infrastructure to grow high-tech sectors and improving the competitiveness of their regions. Their efforts haven’t gone unnoticed in the broader innovation community. Over the past couple of months, award winners have grabbed headlines – and funding – for their impressive work. U.S. Secretary of Commerce Penny Pritzker stopped by Clemson University’s Center for Automotive Research to tout its success in workforce development. In St. Louis, Monsanto recently awarded $2.5 million to BioSTL to support bioscience startups and, in Arizona, a $1 million grant will help fund ASU accelerator programs.

New Commercialization Efforts Launched by Universities, Industry Partners

University-focused initiatives that help bring new technologies and products to market help drive regional economic development and encourage an entrepreneurial culture on campuses. To create stronger connections with the private sector, eliminate barriers between universities and the innovation community, and better support industry needs, some higher education institutions are honing in on entrepreneurship and commercialization activities.

Budget Round Up: States Address Higher Ed Affordability, Research Capacity, Workforce

Several common themes surrounding higher education have emerged as governors across the country unveil investment priorities for the upcoming fiscal year or biennium. In many states, governors have proposed more funding to increase affordability by freezing tuition or creating new scholarship funds. Support for expanding research capacity, technology-related infrastructure and job training in high-demand industries are some of the proposed measures aimed at competitiveness.  

Tech Talkin’ Govs: Part II

The second installment of SSTI’s Tech Talkin’ Govs series includes excerpts from speeches delivered in Alabama, Arizona, Georgia, Iowa, Kansas, Rhode Island, South Dakota, Vermont and Virginia. The first installment is available here.